Tinubu Approves Framework to Unlock $50bn Deep Offshore Investment in Nigeria
President Bola Ahmed Tinubu has approved a landmark investment framework designed to unlock up to $50 billion in new deep offshore investments and revive major offshore projects that have remained stalled for decades.
The reform replaces project-by-project negotiations with a transparent, rules-based framework aimed at providing investors with greater certainty while strengthening Nigeria’s competitiveness in attracting global capital.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the framework would support the next generation of deep offshore developments, beginning with the approximately $10 billion Bonga South West project.
The new framework is being implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which establishes clear eligibility requirements, implementation procedures and a long-term investment structure designed to safeguard Nigeria’s national interests.
The approval also authorises NNPC Limited, as the government’s nominated counterparty under the Production Sharing Contracts, to proceed with the necessary amendments to eligible contracts required to implement the framework.
Focus on Nigerian Content and Job Creation
The President’s Special Adviser on Energy and Oil and Gas, Olu Arowolo-Verheijen, said a major feature of the reform is its emphasis on strengthening Nigeria’s industrial capacity and ensuring that more project activities are undertaken locally where commercially and technically feasible.
She said qualifying projects would prioritise Nigerian participation in areas including engineering, fabrication, marine logistics, technical services and project management.
According to her, the reform is intended to achieve more than increased oil production and investment. It is also expected to create skilled employment, deepen local supply chains and position Nigeria as a regional hub for deep offshore project execution.
The framework is therefore expected to provide renewed momentum for major offshore developments while creating opportunities for Nigerian businesses and professionals to participate more substantially in the oil and gas value chain.
President Tinubu also commended the Federal Ministries of Justice, Finance and Petroleum Resources, as well as other stakeholders involved in developing the framework, for their contributions towards strengthening Nigeria’s investment environment and unlocking the country’s deep offshore potential.
Tinubu Approves Framework to Unlock $50bn Deep Offshore Investment in Nigeria